Here's Why More Than $1.7T Is Owed In U.S. Student Debt

The video discusses the significant student loan debt in the US, which surpasses credit card and car payment debts. It highlights the rapid increase in education costs, outpacing inflation and other expenses. The pandemic led to a temporary pause in loan repayments, but this is set to end soon. The debate over student loan forgiveness is explored, with arguments for economic stimulation and fairness, and against it due to fairness concerns and the focus on lowering education costs. The potential costs of forgiveness plans are also discussed.

What is the second highest category of consumer debt in the U.S.?

• Medical debt

• Credit card debt

• Student loan debt

• Car loan debt

What was one of the promises made by President Biden during his campaign regarding student loans?

• To extend the repayment pause indefinitely

• To reduce interest rates on student loans

• To forgive $10,000 of student debt per borrower

• To eliminate all student loan debt

How might canceling student loans stimulate the economy, according to supporters?

• By decreasing the national debt

• By providing borrowers with extra money to spend or invest

• By reducing inflation

• By increasing government revenue

What is a common argument against student loan forgiveness?

• It would decrease college enrollment

• It would lead to higher taxes

• It is unfair to those who have already paid off their loans

• It would increase the cost of education

What is the estimated cost of canceling up to $50,000 of student debt per borrower?

• $200 billion

• $1 trillion

• $600 billion

• $400 billion